Rich Bet on Farms to Rail Cars as Yield Hunt Brings Risks

Ken Slater says he was a novice at growing corn and soybeans when he asked Bank of America Corp.’s U.S. Trust unit to purchase the first of three farms for him in the past two years.

A millionaire living in Palm Beach, Florida, Slater was looking for a place to put his money that would provide income, diversify risk and offer capital appreciation. He wasn’t thrilled with the returns of corporate and municipal bonds, so he put 5 percent of his portfolio in real assets such as farmland and timber.